Leeds’ Castle House building snapped up for £14.5m
A 78,000 sq ft office property in Leeds has sold for an eight-figure sum.
A fund advised by Warwick Capital Partners LLP and represented by Savills sold the Castle House building to Bridges Property Alternatives Fund IV for £14.5m.
The Leeds office of property services firm CBRE advised the buyer on the deal.
Located in the city centre, Castle House spans 13 upper floors and has 80 car parking spaces.
It is currently fully let to The Secretary of State for the Environment, with an unexpired lease term of five and a half years.
Simon Lister, investment director at Savills Leeds, said: “We are delighted to have secured a sale of Castle House on behalf of our clients. Investment levels into Leeds offices have been very strong in the first half of the year, with a total of £175m spent.
“We anticipate that this will be a record year for office investment in Leeds as investors seek enhanced returns underpinned by rental growth and the demand/supply dynamic within the city.”
Bridges Property Alternatives Fund IV is managed by investment firm Bridges Fund Management.
A specialist in sustainable and impact-led projects, Bridges invests in regeneration areas and niche sectors to create financial value and a positive impact.
Bridges partner Guy Bowden commented “We know the commercial property market in Leeds well, having recently completed the sustainable refurbishment of 6EP on East Parade.
“We saw Castle House as a great opportunity to add to our portfolio of high-quality office space in central Leeds, which is much-needed by Government and SMEs alike.”
Alex Whiting, senior director with CBRE, said of the transaction: “Castle House is a landmark Leeds office located in an area of the city centre which is set to see significant investment over the next few years.”